The gold standard for the U.S. economic data that influences your wallet, budget and investments has lost a little bit of luster.

Which ponders the question: Can America still trust its jobs and inflation numbers?

These are the statistics used by the Federal Reserve to set its benchmark Federal Funds Rate which:

  • Influences the cost of borrowing money.
  • And hence influences all things financial from Main Street to Wall Street to Washington.

BLS unveils another stunning data blip

The Bureau of Labor Statistics has delayed its 2024 Consumer Expenditures report from Sept. 23 to Oct. 30.

  • Fed rate cut could boost your wallet, job, and portfolio

More Economic Analysis: Economists say this reflects the tension between data quality and speed as well as a reduced BLS staff due to DOGE.

The delay comes just days after the BLS issued a benchmark revision showing that the U.S. economy added 911,000 fewer jobs between April 2024 and March 2025 than its monthly reports had originally indicated.

And six weeks after President Donald Trump fired the former BLS head for allegedly, in his words and without proof, “rigging” the July jobs report that showed only 73,000 job gains, far below expectations, plus significant downward revisions for May and June.

BLS data influences all things financial from Main Street to Wall Street to Washington.

Why the Bureau of Labor Statistics matters

Bloomberg/Getty Images The BLS is the nation’s official source for jobs, wages, prices, and consumer spending.

  • Its data drives decisions by the Federal Reserve, Congress, Wall Street and businesses across the country.
  • The BLS is often called the government’s “fact finder,” and its credibility rests on accuracy and independence.

What the Consumer Expenditures survey shows

The Consumer Expenditures (CE) survey tracks how U.S. households spend money on everything from housing and food to healthcare and education.

  • The 2024 CE was expected to provide fresh insights into how inflation, tariffs, and wages are reshaping the nation’s household budgets.
  • The survey is used to update the Consumer Price Index (CPI), a key measure of inflation.
  • Businesses study the CE data to anticipate consumer demand.

Related: J.P. Morgan sends strong recession message on Fed interest-rate cut

Critical consumer spending data delayed over a month

The BLS announced Sept. 22 that the CE release has been delayed over a month until Oct. 30 after officials found errors in a new dataset implemented in 2024.

The unusual move may underscore the agency’s commitment to reliability but it is pushing back a high-profile report about consumer spending patterns at a time when sticky inflation and interest-rate policy are in sharp focus.

So is the political turbulence swirling in and around the agency after Trump fired former BLS Commissioner Erika McEntarfer, then nominated conservative economist E.J. Antoni for the role.

Antoni has floated suspending monthly jobs reports until the “data is corrected.”

“Until it is corrected, the BLS should suspend issuing the monthly job reports,” Antoni told Fox Business.

Economists concerned over data uncertainty

Economists warn that any manipulation of data due to political influences will have substantial negative impact.

A Reuters poll found that 89 of 100 top U.S. economists are concerned about the quality of official U.S. economic data, citing survey participation declines and staff cuts at agencies like the BLS.

“I think we are all concerned now about the future of our country’s economic data,” McEntarfer told Axios after the latest BLS news.

Omair Sharif of Inflation Insights told Voz.Us that the BLS press release “indicated that the delay was due to an error that they had to correct. Today’s press release doesn’t give any information on what caused the delay or when it’ll be released, so that is a bit odd.”

Related: Main Street bracing for fewer jobs and higher inflation: Fed survey